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Home Buying in Upper East Side : Real Estate Advice

  • All209
  • Local Info29
  • Home Buying64
  • Home Selling5
  • Market Conditions23

Activity 40
Sat Nov 5, 2016
Anna M Brocco answered:
See link for helpful information...
0 votes 10 answers Share Flag
Mon Sep 12, 2011
Dp2 answered:
Why not just call her and ask?

Other ways exist to find that information without asking her, and you'll most likely have to spend some money or some time to track down the right information. ... more
0 votes 6 answers Share Flag
Wed Jan 11, 2012
Joyce Mincheff answered:
A coop is a multiple dwelling that is incorporated. The shares of the corporation are owned by the various residents of the builidng and/or sponsor(s). Each owner is allocated a number of shares based on the size and other factors of their designated unit. So, the owners of a coop do not actually own the physical structure of their specific unit as they would in a condo, but rather they own shares in the overall corporation that owns the building and they are issued a "proprietary lease" for the unit they occupy.

The Board of Directors of the Coop is empowered to run the corporation much the same as any other business. Coop boards carry out the mandates of the building's owners as determined in meetings of the general share holders.
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0 votes 10 answers Share Flag
Tue Feb 22, 2011
BG answered:
rental income - expenses = taxable income and if taxable income is less than zero then no taxes. And people are VERY create when it comes to the type of expenses.
0 votes 3 answers Share Flag
Wed Jan 11, 2012
Laura Feghali answered:
Hello Icer,
Many renters are hoping to purchase a home as mortgage interest rates are ultra low, prices are much lower, and there is usually a good amount of inventory to choose from.
I suggest that you contact a mortgage broker or banker who can find you the best loan package available so that you will feel comfortable on what your down payment should be as there are a few programs out there.
Here are 7 reasons to own your home according to the National Association of REALTORS:

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

Hope this helps.
Good luck!

Laura Feghali
Prudential Connecticut Realty
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0 votes 14 answers Share Flag
Fri Jan 13, 2012
Just go with the seller's broker. This isn't like other states where the brokers negotiate the contract for you. There is enough that goes on with a co-op besides just the mortgage, don't bother complicating things with a second agent. The listing agent probably knows the INS and outs of the particular co-op board and managing agent, so your agent would act as the go between for that too. Just stick with the listing agent and you will be fine. ... more
0 votes 24 answers Share Flag
Fri Jan 13, 2012
Nicole Beauchamp answered:
Hi Bethany-

That property was pulled off the market several months ago-hopefully if you are seeking to purchase a property of especially of this caliber,you are also working with an experienced broker and not relying merely on consumer oriented websites.

It was listed in 2008 at 35M with one brokerage,relisted in summer of 2009 at 29.5M with a different brokerage,before being pulled off the market this May.

if you would like any additional information-I'd be glad to assist .


Nicole Beauchamp
Warburg Realty
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0 votes 2 answers Share Flag
Sat Jul 31, 2010
Jenet Levy answered:

It was on for 61 weeks without a sale. If you are looking for something of that caliber, I hope you are not relying on consumer websites, but rather have a very good agent working with you. Were you following it out of curiousity, or are you looking to purchase such a property?

Jenet Levy
Halstead Property, LLC
(212) 381-4268
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0 votes 1 answer Share Flag
Sat Aug 7, 2010
Klara Madlin answered:
Are you planning on renting the property out? If so try to get a 2 bedroom verses a 1 bedroom if you can afford it. You will want torestrict your purchase to condominiums as coops are not easy to buy for investment. The property could then be rented to a working couple or to students who would share the rent.
If you would like some help finding the right property I would be happy to help

Klara Madlin
Klara Madlin Real Estate
212 580 3180 x 200
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0 votes 9 answers Share Flag
Sun Jun 6, 2010
Sean Dawes answered:
to do some caring.....

Love helping people all over the US with their real estate questions
0 votes 9 answers Share Flag
Fri Jan 13, 2012
Anna M Brocco answered:
A short sale occurs when there is financial hardship--the mortgage against the property is more than what the property can be sold for--the lender agrees to accept less than the amount owed--the seller can accept any offer he/she wishes, however the lender decides to accept, reject or at times counter offer; not all short sales are such great bargains; some are listed on target for today's maket or slightly below to encourage multiple bids; short sales do take longer to close than a traditional sale--a typical sale is a regular sale, the seller can accept any offer he/she wishes and no lender approval is needed in order for the sale to proceed with his/her buyer(s).. ... more
0 votes 6 answers Share Flag
Fri Jan 13, 2012
Anna M Brocco answered:
You have many great choices--however, do some of your own homework first--visit a neighborhood several times to get a sense of “belonging”. Check out area statistics; real estate professionals are prohibited from “steering”—enticing a buyer to purchase, or not, in specific neighborhoods, or buildings for that matter; so, you should check out demographics on your own to assure your comfort level can be reached--find an agent that you are comfortable with and he/she will guide you through the rest.

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0 votes 8 answers Share Flag
Tue Apr 28, 2009
Jenet Levy answered:
Which unit are you asking about - there are several for sale in the building? This building requires 50% down, which would take longer for qualified buyers to surface. If you think you may relocate in two years you are most likely better off with a condo. If you would like assistance in finding the right condo for you, please feel free to contact me to discuss your needs.

Jenet Levy
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0 votes 2 answers Share Flag
Thu Jul 2, 2009
Andy answered:
It is included in most coop/condo maintenance fees, they each have a certain part that is tax deductible.
0 votes 3 answers Share Flag
Tue Apr 6, 2010
Stefani Pace answered:
A broker can give you all that information easily :) If you want some informaion just ask me.
0 votes 9 answers Share Flag
Thu Jan 22, 2009
Adam Waldman answered:
When calculating a mortgage for any condo (regardless of price), you need to factor in the following:

[1] Total Mortgage (purchase price - down payment)

[2] You then must apply the mortgage rate to figure out the monthly payment. I would recommend checking out a website like to use their mortgage calculator. If you plan on using a standard mortgage, this should work fine (30-year fixed with 20% down). Otherwise, it becomes more complicated, and you should contact a mortgage professional.

Most people want to figure out their monthly payment, not just their mortgage payment, so you'll need to factor in some more numbers:

[1] Property Tax - most people pay this in their mortgage payment, but you can elect to pay them yourself twice a year, and not have them factored in to your monthly payment.

[2] Common Charges - condos charge monthly maintenance fees for the use and upkeep of common areas and ammenities.

[3] Homeowners Insurance - again, this number is usually paid in the monthly mortgage payment, but it must be factored in.

Overall, the monthly payment is commonly referred to as PITI (Principle, Interest, Tax, Insurance). With condos, the payment would be PITI plus common charges. I hope that this helps.
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0 votes 3 answers Share Flag
Sun Apr 20, 2008
Gail Gladstone answered:
If you are being represented by a buyer's agent, ask them to run comparative sales of similar apartments sold within the last 3 months within a very close distance (a few blocks?).

If you are not represented, the selling agent is not permitted to share information with you that would hurt the seller to whom they have a fiduciary responsibility.

I personally would like to see lower common charges and higher taxes (deductible). However, this is going to be your home. Do you feel at home in it? If so, buy it. If not, pass it by. It is not like a car that you will change in a few are going to be living in this place every day and night. If you love it, it is a good deal.
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Sun May 18, 2008
Jesse C. Turnquist answered:

I would be happy to assist you in financing whatever you need. As far as an agent is concerned, I will forward this message to a few that I trust will take good care of you.

Please e-mail me with any questions or concerns @
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0 votes 6 answers Share Flag
Fri Aug 15, 2008
Diary Of A Real Estate Rookie answered:
I generally don't work up there but it looks easy to spend $1,800 per square foot in the Lucida, the new green condo going up on 85th Street.

Co-ops will be cheaper (buyers generally prefer not having to go through a co-op board) and it looks like some contracts are going through at $1,400 a square foot, while it looks like some things are going begging at $1,100 per.

So it depends on what your definition of a "nice" apartment is. Other things being equal, you will pay more for a family-sized apartment (one with at least three bedrooms, or at least that potential), a killer kitchen, renovations that are already done, a more prestigious building, the blocks just off the park, and a condominium rather than a co-operative organization.

Hope that gives you some guidance -- and if you're going through an apartment hunt in New York, you might enjoy my book.

Alison Rogers
author, "Diary of a Real Estate Rookie"
Insider Real Estate Tips with a Twist of Humor:
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